Oil prices edged higher on Thursday for the third straight session after government data showed a steep draw in U.S. crude stockpiles, rebounding from multi-month lows touched this week.
Brent crude futures rose 23 cents, or 0.3%, at $78.56 a barrel by 0017 GMT, while U.S. West Texas Intermediate crude gained 29 cents, or 0.4%, to $75.52.
U.S. crude inventories fell for a sixth week in a row last week, dropping by 3.7 million barrels to 429.3 million barrels last week, government data showed, against analyst expectations in a Reuters poll for a 700,000-barrel draw.
While no supply has been impacted so far, attacks on ships in the Red Sea have forced tankers to take longer routes meaning more oil stays on the water for longer.
Meanwhile, Libya's National Oil Corporation has declared force majeure in its Sharara oilfield from Tuesday, a statement said, adding that the company had gradually reduced the field's production due to protests.
Persons:
Brent, majeure
Organizations:
Brent, U.S, West Texas Intermediate, . Energy, National Oil Corporation
Locations:
U.S, Iran, Israel